Uplands, Oak Bay - August 2026 Real Estate Report

Uplands, Oak Bay: Your Home Is Worth More Than the City Thinks

If you live in Uplands and you have not looked at your HonestDoor Price lately, you are probably sitting on a number that is a lot bigger than what the city has on file. Here is the real picture right now.

The Vibe: What Is Actually Happening in Our Neighbourhood

Uplands is, by every measure, the top of the market in Oak Bay. We hold the number one spot for average assessed value across all Oak Bay neighbourhoods. That is not a surprise to anyone who lives here - but the gap between what the city says our homes are worth and what they actually trade for is eye-opening.

Let us break it down by property type, because houses and condos are telling two very different stories right now.

Houses: Steady, Premium, and Still Moving

If you have been watching the "For Sale" signs in Uplands, here is what is actually happening with houses right now.

• Average HonestDoor Price: $3,618,042
• Average assessed value: $2,857,967
• HonestDoor Price is 26.59% above the city assessment
• Average sale price: $2,575,000
• Current average list price: $2,675,000
• Price per square foot: $1,186
• Homes selling at 96.26% of list price - buyers are negotiating, but not by much
• Average days on market: 9 days - faster than nearby Estevan at 11 days
• Predicted market value: $3,650,561
• Estimated monthly rent: $10,360 with a rental yield of 3.21%
• Airbnb income potential: approximately $515 per night, ranked number 2 in Oak Bay
• Growth rank: 2 out of 6 Oak Bay neighbourhoods - solidly above average on the neighbourhood leaderboard
• Price rank: 1 out of 6 - the most expensive in Oak Bay

The honest read here is that the house market in Uplands is taking a slight breather - the HonestDoor Price is down 0.87% from the previous period and the 3-month moving average sits at $3,657,450, just a hair above where we are now. But "breather" is the right word. Nine days on market is not a slow market. Buyers are still showing up, and they are paying close to asking.

Only 3 transactions happened in Uplands in 2026 so far. Low volume in a neighbourhood like this is normal - people do not sell here often. When they do, the numbers are significant.

Condos: A Different Story Worth Watching

The condo picture in Uplands is worth a closer look, and not all of it is rosy.

• Average HonestDoor Price: $1,353,500 - up 4.07% from the previous period
• Predicted market value: $1,300,625
• 3-month moving average: $1,358,258 - values are drifting down from that peak
• Recent value change: -2.74%
• Estimated monthly rent: $5,035 with a rental yield of 2.40%
• Airbnb income potential: approximately $258 per night
• Growth rank: 6 out of 6 Oak Bay neighbourhoods - bottom of the leaderboard right now

That 4.07% bump in the HonestDoor Price is a positive signal, but the -2.74% recent value change and the last-place growth rank tell us condos here are under some pressure. If you own a condo in Uplands, this is a moment to pay attention - not to panic, but to know exactly where you stand before making any decisions.

One thing worth noting: nearby condo benchmarks in Estevan and Henderson are coming in significantly higher, at $3,446,729 and $3,567,682 respectively. That gap is large and worth understanding if you are comparing options across Oak Bay.

The Secret Sauce: Why Your HonestDoor Price Matters More Than Your Tax Assessment Right Now

Here is the thing about your city assessment - it is a snapshot from months ago, built on a formula that does not know what your kitchen renovation looks like or what the house two doors down just sold for last week.

For Uplands houses, the city assessment is sitting at $2,857,967 on average. The HonestDoor Price is $3,618,042. That is a difference of over $760,000. If you are making any financial decision - refinancing, selling, estate planning, even just knowing your net worth - using the city number is like navigating with an old map.

The HonestDoor Price pulls in real-time sales data, current market conditions, and actual comparable transactions. It is the real-world check on a number that the city updates once a year and then forgets about. With 449 properties assessed in Uplands this year, the city is working with broad strokes. Your HonestDoor Price is specific to your address.

The "So What?" - Thinking About Selling This Summer?

If selling this summer is on your mind, here is the straight talk.

For house owners, the conditions are actually decent. Demand is real - 9 days on market proves that. Buyers are paying 96.26% of list, which means pricing it right matters more than ever. You are not going to get away with an inflated ask, but a well-priced Uplands house is moving. The neighbourhood growth rate of 0.05% year over year tells us this is not a market sprinting ahead, but it is holding its ground at the top of Oak Bay.

For condo owners, the summer window is worth thinking about carefully. Values have slipped -2.74% recently and the growth rank is sitting at the bottom of the Oak Bay leaderboard. That does not mean do not sell - it means know your number before you list, and do not rely on last year's assessment to set your expectations.

Either way, the first move is simple: check your HonestDoor Price. It takes two minutes and it will tell you more than any government document sitting in your filing cabinet.

Uplands is still the address in Oak Bay. Just make sure you know what that address is actually worth today.

This information is all based on our opinions based on the information available to us. Everyone's situation may be different and you should reach out to us for more personalized information.